South Korea unemployment likely rose in February

South Korea is scheduled to release February job-market data on 18 March.

Standard Chartered notes its forecasts as follows:

• We expect the unemployment rate to have increased 0.2ppt to 3.6% on a seasonally adjusted basis from January on slower manufacturing industrial production growth in January (-3.7% m/m) and slower wage growth of 2.8% y/y in December 2014 versus 5.4% in November. 
  
  
• We have a negative outlook for the job market, considering weak February trade data (exports slowed 3.4% y/y and imports slowed 19.6% y/y) andlower January consumption figures (discount store sales slowed 18.3% y/y and department store sales slowed 11.0% y/y).
• Lunar New Year holiday season sales likely turned consumption around in February, but we expect overall weak production data to worsen the unemployment situation.